13. Insurance Intermediation

(1) Insurance Intermediation means:

• (a) advising on a Contract of Insurance;
• (b) acting as agent for another Person in relation to the buying or selling of a Contract of Insurance for that other Person; or
• (c) making arrangements with a view to another Person, whether as principal or agent, buying a Contract of Insurance.

(2) In (1)(a), ‘advising’ means giving advice to a Person in his capacity as a Policyholder, or in his capacity as agent for a Policyholder on the merits of his entering into a Contract of Insurance whether as principal or agent.

(3) In (2), ‘advice’ includes a statement, opinion or report:

• (a) where the intention is to influence a Person, in making a decision, to select a Contract of Insurance or insurance cover; or
• (b) which could reasonably be regarded as being intended to have such influence.

(4) The arrangements in (1)(c) include arrangements which do not bring about the transaction.

(5) The arrangements in (1)(c) do not include the mere provision of information about:

• (a) a Contract of Insurance, insurer, insurance intermediary or insurance manager to a Policyholder; or
• (b) a Policyholder to an insurer, insurance intermediary or insurance manager, if the Person providing that information does not take any further steps to assist in concluding the Contract of Insurance.

14. Operating a Representative Office

(1) Operating a Representative Office means the marketing, from an establishment in the AIFC, of one or more financial services or investments which are offered in a jurisdiction other than the AIFC.

(2) For the purposes of this paragraph, "marketing" means:

(a) providing information on one or more investments or financial services;

(b) engaging in promotions in relation to such information provision; or

(c) making introductions or referrals in connection with the offer of financial services or investments; provided that such activities do not constitute:

(d) advising on Investments; or

(e) receiving and transmitting orders in relation to an Investment.

(3) An Authorised Person which is authorised to Operate a Representative Office may not have a Licence to carry on any other Regulated Activity.

(4) An Authorised Person which does not have a Licence to Operate a Representative Office does not Operate a Representative Office if it undertakes any activities of the kind described in sub‐paragraph (2) that constitute marketing.

(5) Any communication which amounts to marketing in respect of a Financial Service or Investment, which is issued by or on behalf of a Government or non‐commercial governmental entity, does not constitute marketing for the purposes of sub‐paragraph (2).